These entrepreneurship statistics will provide you with the perspective, motivation, and inspiration you need to push on towards achieving your entrepreneurial dreams.
Being a business owner can feel a bit like living on an island at times, can it not? You’re in your own little world working away tirelessly. Most of the time you don’t have a clue what others in shoes like yours might be doing, feeling, and experiencing in their professional life as compared to yours.
These 8 entrepreneurship statistics will help put things into perspective.
From the reasons why entrepreneurs decide to start their businesses in the first place to the number one reason why the businesses that fail do so, these stats will shed ample light on what the entrepreneurial experience looks like for others like you, and we’ll even give you a simple takeaway for each one. Enjoy!
40% of entrepreneurs started their business to make a difference in the world.
(Global Entrepreneurship Monitor)
Your takeaway: If you started your business with lofty dreams of making the world a better place, know that you’re in good company! And conversely, if you’ve ever beaten yourself up for not necessarily being a “dreamer” and for starting your business for more practical reasons, you’re definitely not the only one. In fact, 26% cite being their own boss as their primary reason (Guidant Financial).
76% of small business owners in the U.S. say they are somewhat or very happy while only 13% report being somewhat or very unhappy.
Your takeaway: As uncertain as the entrepreneurial life can be, you’re almost certain to be happier with your current life than if you were still working that old 9 to 5 that you didn’t enjoy.
The top skills needed for entrepreneurship success are communication, problem-solving, and time management.
Your takeaway: If you’ve ever worried that you’re not a good enough salesperson, not extroverted enough, or not knowledgable enough in the ways of business – relax. As it turns out, it’s simply knowing how to speak and write well, sheer resourcefulness, and the ability to get your work done that will give you that edge!
70% of small business owners in the U.S. report working more than 40 hours per week, and 19% report working more than 60 hours per week.
Your takeaway: If you’re wearing yourself down working at all hours, you’re certainly not the only one. AND, you deserve a break. This is a marathon and not a sprint. Check out my post Building a Business That Takes Care of YOU for tips.
The average entrepreneur makes around $61,000 per year.
(U.S. Census Bureau)
Your takeaway: I once had a business advisor tell me that all the entrepreneurs I knew were probably making around 40% less than I thought they were. Whether you’re below or above that $61K mark, just know that there is a hugely wide spectrum of income levels among business owners. You’re on your own journey towards your goals just like everyone else.
The #1 reason why businesses fail is there’s no market need.
Your takeaway: It’s strangely comforting, isn’t it? It’s not because of lack of smarts or savvy or know-how – it’s a basic lack of need for the service a business is offering. The good news is that this problem can be solved with good old-fashioned market research. Check out Hubspot’s guide to market research for more.
33% of entrepreneurs have just a high-school diploma and only 9% of entrepreneurs have a Bachelor’s Degree in business.
(Guidant Financial and TSheets)
Your takeaway: Virtually all of us suffer from Imposter Syndrome at some point in our entrepreneurial lives, myself included. If you’re completely self-taught at what you do, don’t have a degree in business, or never went to college, know that in the entrepreneurial world, those things don’t matter. What matters is sheer passion, purpose, drive, and an unwavering determination to succeed.
92% of small business owners in the U.S. say they don’t regret starting a business.
Your takeaway: When you’re in the thick of it – up at 3 am finishing that important proposal, frantically training a new hiree, or dealing with a negative Google review – remember this: almost NO entrepreneur ever regrets starting their business. Perhaps that’s because entrepreneurship is truly unlike any other experience you’ll have in life: it puts you in the ultimate driver’s seat, allowing you to design your life and make an impact in whatever way you desire to do so.
I hope these entrepreneurship statistics have put your own experience and reality into perspective a bit, and given you a reason to believe that YOU’RE DOING GREAT – because you are 🙂